Turkey Inflation

Turkey: Inflation exceeds Central Bank target

January 3, 2012

In December, consumer prices rose 0.58% over the previous month, below the 1.73% jump recorded in November. Annual inflation rose from 9.5% in November to 10.4% in December, which overshot market expectations of 10.3%. The reading marked the highest level since November 2008 and almost doubled the Central Bank's target of 5.5% for 2011. The monthly increase reflected rising prices for food and non-alcoholic beverages, as well as higher prices for recreation and culture. The core inflation index, which excludes more volatile categories such as unprocessed food and energy, rose a subdued 0.10% over the previous month. Annual core inflation was unchanged from November's 9.8%, the highest level seen since October 2008. According to its November Inflation Report, the Central Bank of Turkey (CBT) sees inflation ending the year at 5.2%. The official inflation target, however, remains at 5.0% for 2012 and 2013.

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The current account balance recorded a USD 4.2 billion deficit in November, above market expectations of USD 4.0 billion, and a sizeable increase from the USD 2.2 billion shortfall recorded in November 2016.